President Obama’s plan to reduce the deficit by $4 trillion over 12 years includes a “debt failsafe trigger” that would come into play if lawmakers overspend in the future.
Obama explained the plan: “If, by 2014, our debt is not projected to fall as a share of the economy -- or if Congress has failed to act -- my plan will require us to come together and make up the additional savings with more spending cuts and more spending reductions in the tax code.”
Brian Darling points out on HumanEvents.com
that this could lead to unelected officials having the power to raise taxes during future federal budget battles.
Conservative columnist Dan Mitchell of the CATO Institute writes: “If politicians in Washington spend too much and cause more red ink, which happens on a routine basis, Obama wants a provision that automatically would raise taxes on the American people.”
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